Cancel Merchant Agreement

Follow the representative`s instructions. Each processor differs, but as a general rule, the cancellation includes a written declaration by fax or mail that you want to cancel and, if necessary, the return of your devices via a return service or an external withdrawal. When you signed up and your processor did not promise a cancellation fee, did you receive them in writing? Salespeople often say what they have to say to get your business. A sales agent may have the power to waive a cancellation fee, but if you don`t receive it in writing through a document such as non-payment, you`ll probably be unlucky. If the processing company usually charges a cancellation fee, you need something in writing to show that you are an exception. Not all of these charges are known to have occurred when you leave a contract, but some reseller account providers are known to hit customers with fees for mysteriously designated fees in the event of cancellation, so it is wise to know them. Tip: When selecting a reseller service provider for your business to accept credit card payments, the fees charged for reseller accounts can be an important consideration. There may be one-time fees, monthly fees, transaction fees, discounts and more. Read “A brief overview of merchant account fees” to learn more.

So you have a contract with First Data/Fiserv and you want to terminate it. If you want to terminate your merchant service provider contract without paying a termination fee, read the fine print of your contract first. See kinship: Is it time to negotiate a new reseller account? In the same “Duration and Termination” section, you should also be able to find out exactly how First Data wants to get a termination. For contracts in general (with each company and not just with First Data), notification should normally be made in writing. As a general rule, the contract also defines the number of days before the notification is terminated. For First Data, this is usually 30 to 60 days in advance, but you should always check whether the number of days specific to your agreement is verified. For monthly to month agreements, the notice period is usually 30 days. Make sure you notice when that date is. Mark it in your calendar – with memories a few days in advance – so you don`t miss it if you have to cancel it in the near future. This could be the case for a start-up where you don`t really know what the future can bring. Check your account statements every day to make sure the processing company doesn`t withdraw money from your account for undisclosed or remunerated expenses. Also check the discrepancies between your reseller statement.

If you are having difficulties, contact the company again and complain. First Data is a large multinational and one of the most “corporate” processors we have ever encountered. It is therefore appropriate that they have a very formal contract filled with Gotchas, with which the new business owners do not deal. While early termination sentences, strict termination procedures and specific termination requirements are not unusual when large companies work together, they can shock a small entrepreneur who is simply not used to business-to-business contracts.